YMU, the London-based talent agency that represents Simon Cowell, Steve Aoki, and others, has sold for a reported $76.18 million (£60 million).
The alleged sale of 40-year-old YMU was first reported by Deadline; as of this writing, the agency, which has industry clients like as Take That, Kacy Hill, and Lagos-born Kida Kudz, had yet to issue a public statement about the ownership change. However, CEO Mary Bekhait verified and expanded on the news in a lengthy LinkedIn post.
According to the research and post, London-based Permira Credit secured the agreement for YMU. Permira, founded in 1985, acquired YMU’s majority stakeholder in August 2023, following a restructure and layoffs that affected around 9% of employees, according to a different Deadline breakdown.
That development, which came after YMU’s less-than-ideal financial status made headlines last summer, signaled the launch of a new parent company. In August 2023, a corporation called Yokozuna Newco Limited was formed, with numerous YMU executives serving as directors, according to Companies House papers.
Building on those themes, Deadline reports that Permira has “taken full control” of Yokozuna, with a retooled “management incentive plan” in place at YMU. The idea is likely to give Bekhait and others ownership holdings in the enterprise.
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Moving on to the financial details of the deal, Permira is said to have converted $41.78 million (£32.9 million) in YMU debt into Yokozuna shares, cancelled another $20.32 million (£16 million) in debt, and established a new $12.70 million (£10 million) credit line for the agency. Meanwhile, Lloyds Banking Group has provided a separate $20.32 million (£16 million) loan facility, according to the same site.
Given this rather high capital tranche, YMU, which appointed Twitter/X CEO Linda Yaccarino chair in February 2023, is thought to be evaluating takeover alternatives at the moment. In a joint statement, Permira investment director Samuel Gross (a Kirkland & Ellis veteran) and managing director Daniel Hatcher made plain plans to capitalize on “growth opportunities ahead.”
“As longstanding partners with YMU Group,” the two stated, “our decision to increase our investment is based on our belief in the group’s unique position and prospects. We look forward to deepening our partnership with management and assisting the group in embracing future growth prospects.”
In a LinkedIn post, Bekhait stated that her company has been working behind the scenes for the past 6 months on new items that will strengthen their main business. Details are “coming soon,” the 12-year YMU president continued, adding that her organization is “on the hunt for acquisitions.”
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